10 smart tips on how to run a retail business in UK successfully

"My company is an extension of me, so when I designed my stores I wanted people to feel that they were in my home." - Tory Burch, Founder & Creative Director, Tory Burch

Behind every successful retail business in UK there is one thing common, i.e. 'customer retention'. Yes! It is one of the significant aspect that a retail merchant will look at. It proves that the retailer is still maintaining its quality service and products or enhanced both without a steep rise in price. A successful retailer will always be customer oriented and for that he will make sure of certain things which are in his hand. In other words, to run a retail business in UK successfully you need to follow the simple rules of etiquette. In addition, you need to be focused, smart and updated. For an emerging or start up retail business to run successfully in UK here are 10 smart tips that will give a 'go'.

On location of your retail store

The first thing that really matters to run a retail business in UK is the location of the store. If it is located in the heart of the city or residential area the success momentum is high. But if the retail store is located in a deserted freeway and is a start up, the merchant could be at high risk. Although when it's a brand and planning to expand your business, opening an outlet on a freeway is not a bad idea.

Appearance is everything

Your first impression is the lasting impression and the same goes for your retail store. It starts from infrastructure to interior. The entrance should be uncluttered and store must be spacious. In addition, organising the products is as important as prioritising which product to display at the entrance. Customers love to shop in a worldliness environment. They look for comfort and facilities. From lights to ease of shopping everything matter to run a retail business. On the other hand, you need to be careful at the exit as well. Customers hate to return back to that store where they find its time consuming at exit while billing.

On employer and employee relationship

To keep your customers satisfied and retain them, you need to keep a healthy relationship with your staffs. Do not forget that other than you no one cares about your business but staffs do care because they are paid. Other than paying them wages or salaries on time, try to inspire them with motivational programmes like 'employee of the month', 'incentive tours', 'bonuses' or 'giving away treats'. On the other hand, perks like insurance, medical benefits, Tiffin allowance or transport allowance makes them happy.

Survey

If it's an emerging or start up retail business in UK, survey is very important. You need to be aware of both what is in trend and what the customer is demanding. It is also important to know your competitors. The trick is hire a 'mystery shopper' if required.

Know your competitors

When it's about business, knowing your friends are not that important as crucial knows your competitors. Hence you should know who your competitor is. For a start up it will be foolish to compete a well established retailer. In such an instance, your competitors are small scale retailers to mid scale retailers. As a merchant you need to make sure about your competitor's marketing strategies as well.

Understanding the behavioural pattern of your customer

After all your retail business in UK is going to succeed when customers are buying products from your store and are returning back the next day. It's not a magic but you need to understand the behavioural pattern of your customers. Although different customers have different choices, you need to smart with solutions. The behavioural pattern of customers could be from personal factors like interests and opinions, psychological factors like perceptions and attitude and social factors like social class, income, and education level. To overcome all these, you need to have marketing campaigns, sentiment analysis and intelligent market segmentation. You need to know your target audiences as well.

Cost Effective Marketing Strategies

For a start up you need to have a cost effective marketing strategy where you can reach out mass at least expenses. Bespoke brown paper bags with handles having custom printed logo of your retail business is one of the smartest and cost effective mode of brand promotion. In addition, you also need to build up a healthy business to business relationship with suppliers from where to buy brown paper bags and need to know their offer. Online UK suppliers like Pico Bags, give away exciting offers on these bags as well as sells cheap brown paper bags having the best quality.

Quality and quantity check

It is important for any retailer to keep an update on stock of products. A smart merchant will always be ahead with his checklist of replacing obsolete products with 'what's in trend' or 'new in the market'.

Diversification

A retailer having a good collection of diversified products has to face less obstacles than what a retailer of one particular product. At the same time organising the products is also important. A well organised retail store will display its diversified products according to its demand, usages and offers given.

Don't miss events

Lastly, events or observations in UK like Easter, Halloween, Christmas or Thanks Giving Day allows a retailer to introduce themselves in the market. It helps in enhancing business to business relationships as well as business to customer’s relationships.